Real Madrid are ready to make their opening bid for Ronaldo - £40m plus Robinho, according to Marca.
Madrid chief Pedja Mijatovic will apparently travel to Manchester to begin formal negotiations with United.
This opening gambit is likely to be given short shrift by United, who have made it clear that Ronaldo is not for sale - but could be forced to listen if Madrid up their offer.
Meanwhile, reports in the Daily Express have suggested that Sir Alex Ferguson will step down as United manager if Ronaldo is sold without his consent.
But a United spokesperson said: "It is absolute nonsense. It is simply tiresome. We are not selling Cristiano Ronaldo."
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